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Crypto exchange Gate.io confirmed it on Tuesday Ethereum Classic the network suffered a 51% attack. In a blog post, Gate.io confirmed that there was an attack and that it would absorb the loss of about $ 200,000 worth of Ethereum classic – about 40,000 ETCs. However, Grayscale Investments, the creator of the Ethereum Classic Investment Trust (ETCG), reported responding to "few" customers to clarify what the attack actually meant.
Reportedly, CoinDesk received a copy of one of the e-mail replies to that request. The answer included primarily a general explanation of how such attacks work. Matt Beck, a product and research developer at Grayscale, also wrote by post: "The greatest risk this entails is the integrity of the Ethereum Classic network, since people may be less inclined to accept ETCs given the higher risk of double spending, however, the coins within the ETC Trust are not at direct risk of theft or double expense. "However, Grayscale said that all investors in the fund were not send these notifications.
Beck also explained the reason behind his statement by writing: "Double spending can only be done by the original sender of the coins – so a hacker can only spend his money, not someone else's money", the developer of Vertcoin, Gert -Jaap Glasbergen, he said in the article. "So the main risk of 51% attacks and reorg blockchain is with people [who] accepts the blockchain resource; and especially when they do it in large quantities in exchange for virtual goods or services that are not reversible ".
Beck also cited a CoinDesk column by Michael J. Casey on the Vertcoin incident, which found that 51% of the attacks are a risk faced by most of the work trial blockchains and that some are more vulnerable than others. depending on the amount of hashing power that protects the network.
Grayscale CEO Michael Sonnenshein told CoinDesk through a spokesman who provided the explanation to investors who contacted them. "These types of network attacks and their implications are also described in the disclosure documents that we provide to all investors," he added.
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